Commodities

News & Analysis as of

What Lenders and Investors in E&P Companies Need To Know As Oil Prices Drop

“In 2008, the United States produced on average approximately 5 million barrels of oil a day. By the end of 2014, that number had increased to more than 9 million barrels and the Energy Information Agency predicts production...more

Reserves Reports and Asset Write-Downs – Legal Consequences for Public Companies

Summary - - Low oil prices may have a significant impact on reserves reports, financial statements and reserves based credit facilities of oil-weighted energy companies in Canada. How will reserves reports and...more

"Insights Conversations: Latin America M&A"

Political stability, investor-friendly (or unfriendly) policies, commodity pricing, corruption scandals, and new legal regimes in areas such as tax and antitrust all factor into the M&A market in Latin America. Skadden...more

UPDATE: Swap Dealers Will Face Significant Challenges from Reproposed Margin Rules for Uncleared Swaps

Note: This version includes an additional section on the Terrorism Risk Insurance Program Reauthorization Act of 2015, which amends certain provisions of the Dodd-Frank Act to exempt certain counterparties from the initial...more

Setting the Table - January 2015: I Really Need A License For That?! Regulators Crack Down on Liquid Food Commodity Transporters

The new “Tank Vehicle” definition, which became effective and enforceable in all 50 states last summer, will likely have a disproportionate effect on the food commodity transportation sector due to the tendency to transport...more

Oil and Gas Restructurings: Exploration and Production Companies Face Unique Issues

The recent drop in oil prices will likely spur a flurry of industry restructurings, governed by a complex set of bankruptcy and state laws. Introduction - At the close of business on December 31, 2014, the...more

Old Dog New Tricks

The maritime community is sitting on the precipice of disaster. While regarded as one of the oldest and most well respected industries on the planet, the maritime community as a whole has failed to protect itself against the...more

Downturn in the Oil and Gas Industry: It’s Time to Perfect Your Liens

Joint operations in the oil and gas industry long have been one of the conventional ways to reduce and spread the economic risks associated with exploration, drilling and production of crude oil and natural gas. With the...more

NFA Proposes Amendment to NFA Compliance Rule 2-4

On December 1, National Futures Association (NFA) filed with the Commodity Futures Trading Commission for review and approval a proposed amendment to NFA Compliance Rule 2-4 to include swaps-related activities. Compliance...more

CFTC Grants Relief to Family Offices from Registration as Commodity Trading Advisor

On November 5, 2014, the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter granting relief from registration as a commodity trading advisor (CTA) to family offices that qualify for the family office...more

Bennett Jones Fall 2014 Economic Outlook

We expect a modest strengthening of global growth over the next two years relative to 2013 and 2014, largely originating from the advanced economies, and the U.S. in particular. Growth in the emerging economies as a whole...more

CFTC Agricultural Advisory Committee to Meet on December 9

The Agricultural Advisory Committee of the Commodity Futures Trading Commission will convene on December 9 to discuss deliverable supplies of agricultural commodities and related implications for position limits and the...more

UK Regulators Launch Review of Fixed Income, Foreign Exchange and Commodities Markets

The UK Treasury, the Bank of England and the UK Financial Conduct Authority have jointly launched a Fair and Effective Markets Review (FEMR) of the fixed income, foreign exchange and commodities (FICC) markets in the UK....more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

What Price Market Integrity? The Various “Benchmark Reviews”

When the LIBOR scandal first came to light, governments and regulators quickly took the view that “something had to be done” about pricing indices (Benchmarks). Since that moment, the FX scandal and further investigations...more

ML Strategies Energy and Environment Update: Week of 10/20/2014

ENERGY AND CLIMATE DEBATE - With just over two weeks until election day, Congress is preparing for a brief but intense Lame Duck session, while continuing final campaign pushes. With several races still in the...more

CFTC Provides Additional Relief to Certain Delegating CPOs

In response to industry comment, on October 15 the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) provided further relief from commodity pool operator (CPO) registration to a...more

CFTC Staff Issues Self-Executing CPO Delegation Relief

The staff of the Commodity Futures Trading Commission (CFTC Staff) on October 15, 2014 simplified the process for a natural person or entity that the CFTC considers to be a commodity pool operator (CPO) to delegate its CPO...more

Bitcoin: Currency, Commodity or None of the Above?

In my recent post, I discussed the shortcomings of Article 9 of the Uniform Commercial Code as applied to Bitcoin. Bitcoin does not fall within the definition of “money” under UCC § 1-201, nor do Bitcoin wallets come within...more

MiFID II: Commodity Derivatives and Emissions

MiFID II is the latest piece in a package of European and global reforms impacting commodity derivatives and emissions traders, drawn up in response to concerns as to excessive speculation and volatility in the commodities...more

First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois

On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud and six counts of...more

Bridging the Week - October 2014

NJ-Based Trader Previously Sanctioned by UK FCA, CFTC and CME Indicted in Chicago for Same Spoofing Offenses - New Jersey resident Michael Coscia, the prior manager and sole owner of Panther Energy Trading LLC, was...more

OFAC Fines Commodity Trading Advisor For Apparent Sanctions Violations

On September 9, OFAC released an enforcement action against a CFTC-registered Introducing Broker and Commodity Trading Advisor that operates an electronic trading platform that allows customers to automatically place currency...more

Financial Regulatory Developments Focus - September 2014 #3

In this issue: - Derivatives - Consumer Protection - Enforcement - People - Events - Excerpt from Derivatives: CFTC Issues No-Action Relief for Qualifying Swaps Trading...more

FinCEN Proposes Customer Due Diligence Rule

On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial institutions, including brokers or dealers in securities,...more

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